Flipkart vs JioMart: Revenue, Profit and Business Model
Flipkart had ~$9.6B of annual revenue in FY2025 and a net loss of ~$601.9M. A full-year revenue figure is unavailable here for JioMart.
Latest financial snapshot
Financial summary
Flipkart
Flipkart has grown revenue steadily while still losing money. Flipkart India Pvt Ltd's consolidated revenue from operations rose from ~$6.49 billion (₹55,924 crore) in FY2023 to ~$8.18 billion (₹70,542 crore) in FY2024 and ~$9.6 billion (₹82,787 crore) in FY2025 (+17.3%), but its consolidated loss widened from ~$493 million (₹4,248 crore) to ~$602 million (₹5,189 crore). The marketplace arm, Flipkart Internet, is improving faster: FY2025 revenue reached ~$2.38 billion (₹20,493 crore) and its net loss fell 37% to ~$173 million (₹1,494 crore), with EBITDA loss narrowing to ~$125 million (₹1,078 crore). Walmart paid $16 billion for 77% in 2018; later private valuations were $37.6 billion (2021 round), about $36 billion (2024 round led by Walmart with Google participating) and about $38.2 billion in a July 2026 employee buyback. Reports in September 2026 said Flipkart was targeting an IPO valuation near $50 billion, though the timeline remains uncertain.
JioMart
Reliance does not publish JioMart's revenue, GMV or losses separately, so any precise JioMart revenue figure in circulation is an estimate. What Reliance does disclose: Reliance Retail's FY26 gross revenue was ~$42.9 billion (₹3,70,026 crore) (+11.8%), EBITDA ~$3.14 billion (₹27,033 crore) and profit after tax about $1.61 billion (₹13,840 crore). In Q1 FY27 (April-June 2026) gross revenue rose 7.4% to ~$10.5 billion (₹90,408 crore) while EBITDA was ~$732 million (₹6,309 crore) and profit fell 14.2% to ~$325 million (₹2,806 crore) as JioMart investment weighed on margins. Digital channels made up 13.4% of grocery B2C revenue in that quarter, up 610 basis points. CFO Dinesh Taluja said online growth will be funded from existing profits, with a three-year aim of doubling operating EBITDA.
Revenue and profit by year
Flipkart
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$9.6B | ~-$601.9M | -6.3% | +17.4% | Source |
| FY2024 | ~$8.2B | ~-$492.8M | -6.0% | +26.1% | Source |
| FY2023 | ~$6.5B | — | — | — | Source |
JioMart
A revenue figure is unavailable here for JioMart. What is known about its finances is in the summary above.
Where the revenue comes from
Flipkart
- Marketplace (Flipkart Internet)
Not formally reported
Commissions, fixed fees, shipping and fulfilment charges from third-party sellers, plus advertising fees for sponsored listings: about $2.38 billion (INR 20,493 crore) in FY2025, up 14%.
- Flipkart India (B2B Goods)
Not formally reported
Consolidated revenue from operations of about $9.6 billion (INR 82,787 crore) in FY2025, mostly from selling goods business-to-business, including supplying sellers and kirana stores.
- Group Businesses
Not formally reported
Myntra (fashion and beauty), Ekart (logistics), Cleartrip (travel commissions) and Shopsy (low-price social commerce).
JioMart
- Direct Grocery, Fresh Produce & FMCG Sales
Not disclosed
Retail sales of groceries, dairy, staples, and Reliance private FMCG label products.
- B2B Kirana Wholesale (JioMart Partner)
Not disclosed
Wholesale distribution margins on inventory supplied to millions of independent kirana merchants.
- Non-Grocery Marketplace Commissions & Ads
Not disclosed
Take-rates and advertising fees from electronics, fashion, and home goods merchants.
- Quick Commerce Handling & Delivery Charges
Not disclosed
Fulfillment and delivery fees on 15-to-30-minute hyperlocal express grocery orders.
Business model and strategy
Flipkart
How it makes money
Flipkart makes money from several linked businesses. 1. Marketplace (Flipkart Internet Pvt Ltd): third-party sellers list products on Flipkart and pay commissions, fixed fees, shipping and fulfilment charges, plus advertising fees for sponsored listings. Indian FDI rules bar foreign-owned marketplaces from holding inventory for sale to consumers, so the marketplace earns service income rather than product revenue;
Growth strategy
Flipkart's growth plan rests on three bets. First, value commerce: Shopsy targets price-sensitive shoppers in Tier-2 and Tier-3 towns against Meesho. Second, quick commerce: Flipkart Minutes, launched in August 2024, is expanding its dark-store network to compete with Blinkit, Swiggy Instamart, Zepto and Amazon Now.
Competitive advantage
Flipkart's edge comes from its own logistics network (Ekart), close knowledge of Indian shoppers, and leadership in smartphones and fashion. It built delivery in-house when third-party couriers were unreliable, owns Myntra in fashion, and uses exclusive phone launches and bank-backed no-cost EMIs to drive high-value electronics sales. Walmart's ownership gives it deep funding and global sourcing.
JioMart
How it makes money
JioMart makes money mainly as a first-party retailer: it buys groceries, staples, FMCG goods, electronics and fashion through Reliance Retail's supply chain and earns the retail margin when it sells them online.
Growth strategy
JioMart's growth plan has three parts. First, densify quick commerce: more stores and dark stores in markets where order volume justifies them (3,100+ stores by June 2026). Second, extend fast delivery beyond grocery, using Reliance Digital stores for electronics and the AJIO Rush service for fashion, where order values are higher.
Competitive advantage
JioMart's edge is infrastructure it does not have to build. Reliance Retail ended FY26 with more than 20,000 stores, 387 million registered customers and 1.93 billion transactions a year, so a JioMart order can be packed from an existing store shelf.
Questions about Flipkart vs JioMart
Which company has higher revenue — Flipkart or JioMart?
Flipkart had ~$9.6B (FY2025). A comparable annual revenue figure for JioMart was unavailable here.
How does revenue per employee compare for Flipkart and JioMart?
Flipkart generates $213k / employee in revenue per employee. A comparable figure for JioMart requires matching employee and revenue data from the same reporting period.
How do Flipkart and JioMart make money?
Flipkart and JioMart generate revenue in fundamentally different ways. Flipkart: Flipkart makes money from several linked businesses. JioMart: JioMart makes money mainly as a first-party retailer: it buys groceries, staples, FMCG goods, electronics and fashion through Reliance Retail's supply chain and earns the retail margin when it sells them online.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Flipkart vs JioMart overview